Ethereum

Diamond

Stash

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In a move that has caught the attention of the cryptocurrency community, a "diamond hand" <a href="https://u.today/ethereum-to-166000-fund-managers-weigh-in-on-eth-price" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> whale has sold a substantial portion of their holdings.
According to blockchain analytics platform <a href="https://x.com/lookonchain/status/1825940363837890694" rel="noopener noreferrer nofollow">Lookonchain</a>, the whale offloaded 15,000 ETH in a transaction hours ago.
This particular <a href="https://u.today/ethereum-eth-whales-going-insanely-bullish-details" rel="noopener noreferrer nofollow">whale</a> has gained a reputation for their long-term holding strategy, earning them the moniker "diamond hand," as indicated by Lookonchain.
<blockquote>
 A "diamond hand" whale sold 15K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($39.66M) again 2 hours ago.This smart whale withdrew 96,639 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($151.42M) from <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a> at $1,567 during the bear market in September 2022 and held it until March 2024.Since entering the bull market in March, the whale has sold 55K… <a href="https://t.co/JmIMY8QUEO" rel="noopener noreferrer nofollow">pic.twitter.com/JmIMY8QUEO</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1825940363837890694?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2024</a>
</blockquote>
The whale initially bought massive ETH, withdrawing 96,639 ETH (valued at $151.42 million) from Coinbase during the bear market in September 2022, when the price was $1,567 per ETH, and held onto this substantial stash until March 2024.
With the market boom earlier this year, which pushed Bitcoin to all-time highs of nearly $74,000 and ETH to highs above $4,000, the whale began to capitalize on the rising prices.
According to lookonchain, it was not until March 2024, when the market began to shift into a bullish phase, that the whale started to sell off their holdings. Since entering the bull market in March, the whale has sold 55,000 ETH worth $176 million at $3,199. This has left them with 41,639 ETH, presently valued at $107 million.
The "diamond hand" whale's decision to sell Ethereum holdings since the bull market proved quite rewarding. By timing their sales as the market recovered, the whale made about $132 million in profit.
<h2 id="ethereum-price-action">Ethereum price action</h2>
<a href="https://u.today/ethereum-eth-surges-449-in-surprising-whale-activity-amid-market-dip" rel="noopener noreferrer nofollow">Ethereum</a> rebounded from the $2,500 support on Aug. 15, but bulls are having difficulty pushing the price beyond $2700. At the time of writing, ETH was down 3.45% in the last 24 hours, at $2,572.
If the price continues to fall from its current level, Ethereum is likely to breach below $2,500. In this case, Ethereum may fall to $2,309, where bulls will once again attempt to halt the decline.
On the other hand, if buyers push the ETH price above $2,690, Ethereum might surge to $2,850. This level is again expected to attract sellers, but if the bulls prevail, it might signal that the downtrend may be over.
In this case, a decisive break above the daily simple moving averages 50 and 200 at $3,006 and $3,246, respectively, might begin the next uptrend for Ethereum.

'Super Diamond Hand' ETH Whale Sells Ethereum Stash

Table of Contents

U_Today

Autres articles publiés le 21 août 2024

Bolstering the Future: Celebrating Innovation and Financial Inclusion at the 15th Edition Connect...

Notorious ‘jaredfromsubway’ MEV bot returns with new attacks

Brett price benefits from Binance futures listing as this new memecoin soars

Crypto backers contributed to half of $248M in U.S. election funding

BlackRock’s iShares Ethereum Trust approaches $1B in net inflows — Morningstar

XRP Golden Cross Confirmation Sparks Analyst Prediction of 10x to 650x Increase

Join our free newsletter for daily crypto updates!